The House hears from Reddit and Robinhood at a GameStop hearing next week.
Angela Lang / CNET
The House Financial Services Committee has announced the lineup for the GameStop hearing next week. The committee hears testimonials from Robinhood CEO Vlad Tenev, Reddit CEO Steve Huffman, Melvin Capital CEO Gabriel Plotkin, Citadel CEO Kenneth Griffin and Reddit user Keith Gill, Rep. Maxine Waters announced Friday afternoon.
The virtual hearing, titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media and Private Investors Collide,” will take place Feb. 18 at 12 noon ET. Here’s where you can check it out.
Read the background: Robinhood Backlash: Here’s What You Need to Know About the GameStop Stock Controversy
More witnesses may be called, Waters, the chairman of the House Financial Services Committee, said Friday.
“We have the young man from Reddit, his name is Keith Gill, who actually started this mania,” said Waters on Feb. 3 when announcement of the hearing“We’re going to make sure we don’t take sides.”
The hearing comes after Reddit’s WallStreetBets community rallied and used Robinhood and other financial services apps to push GameStop stocks 14,000% higher in recent months after Wall Street hedge funds bet against those stocks.
Robinhood then restricted trading in GameStop stock, citing “market volatility,” but after a swift lawsuit against Robinhood to gain class-action status was filed in New York. Robinhood changed course later the same day, recovering “limited purchases of these securities.”